Tritax EuroBox PLC Acquires two new big box assets in Bremen, Germany (3715N)
24 Settembre 2019 - 08:00AM
UK Regulatory
TIDMEBOX TIDMBOXE
RNS Number : 3715N
Tritax EuroBox PLC
24 September 2019
24 September 2019
Tritax EuroBox plc
(the "Company")
ACQUISITION OF TWO NEW BIG BOX LOGISTICS ASSETS IN A PRIME
LOCATION
IN BREMEN, GERMANY FOR EUR60.3 MILLION
Tritax EuroBox plc (tickers: EBOX (Sterling), BOXE (Euro)),
which invests in Continental European logistics real estate,
announces that it has acquired two prime, modern logistics
facilities in the GVZ Freight Village of Bremen in Germany for a
total consideration of EUR60.3 million, reflecting a net initial
yield of 4.8%, which is highly reversionary against current market
rents in this location.
Purpose-built in 2013 and 2019 respectively, these two high
specification facilities have a combined gross internal area of
57,537 sqm, eaves heights of 12.2 metres along with significant
yard area and parking.
The 2019 property is exclusively let to Bremen based logistics
operator Kieserling Spedition + Logistik on a ten-year lease from
February 2019. The 2013 property is let to Kieserling Spedition +
Logistik, THIMM Packaging Systems, a leading packaging and
logistics company and Bremer Spirituosen, on shorter leases with
the benefit of a third-party rental guarantee. The weighted
unexpired lease term of both properties is 8.1 years, with rent
subject to annual indexation of 85% of the German CPI.
The properties are situated in the prime logistics location of
GVZ Bremen, the second largest metropolitan city in north-west
Germany and it is the largest freight area in Germany, close to
Bremen and Bremerhaven, the country's second largest port area. The
area benefits from excellent road infrastructure as well as
national and international transport connections via Bremen
International Airport and the high-speed railway network. This core
location benefits from a low vacancy rate, strong occupier demand
and limited availability of logistics buildings and land for
development which has driven recent rental growth. The area also
has a strong and flexible labour pool to draw upon.
Nick Preston, Fund Manager of Tritax EuroBox, commented:
"Situated in Bremen, one of the strongest logistics locations in
Germany, these two modern, high specification facilities provide
attractive income with scope for reversionary income growth and
identified value enhancement through asset management.
Bremen benefits from excellent transport and infrastructure
connectivity, strong occupier demand and extremely low vacancy
rates which underpin the rental growth evidenced in the region.
The acquisition of these two well-specified assets adds further
to our high-quality logistics portfolio across Continental Europe,
which now totals EUR670 million of which EUR212 million is in
Germany."
FOR FURTHER INFORMATION, PLEASE CONTACT:
Tritax Group +44 (0) 20 7290 1616
Nick Preston
James Dunlop
Jefferies International Limited +44 (0) 20 7029 8000
Gary Gould
Stuart Klein
Kempen & Co N.V. +31 (0) 20 348 8500
Dick Boer
Thomas ten Hoedt
Maitland/AMO (Communications
Adviser) +44 (0) 20 7379 5151
James Benjamin tritax-maitland@maitland.co.uk
The Company's LEI is: 213800HK59N7H979QU33.
NOTES:
Tritax EuroBox plc invests in and manages a well-diversified
portfolio of well-located Continental European logistics real
estate assets that are expected to deliver an attractive capital
return and secure income to shareholders. These assets fulfil key
roles in the logistics and distribution supply-chain focused on the
most established logistics markets and on the major population
centres across core Continental European countries.
Occupier demand for Continental European logistics assets is in
the midst of a major long-term structural change principally driven
by the growth of e-commerce. This is evidenced by technological
advancements, increased automation and supply-chain optimisation,
set against a backdrop of resurgent economic growth across much of
Continental Europe.
The Company is targeting, on a fully invested and geared basis,
an initial Ordinary Share dividend yield of 4.75% p.a.(1) , which
is expected to increase progressively through regular indexation
events inherent in underlying lease agreements, and a total return
on the Ordinary Shares of 9.0% p.a.(1) over the medium-term. The
Company intends to pay dividends on a quarterly basis with
shareholders able to receive dividends in Sterling or Euro.
Further information on Tritax EuroBox plc is available at
www.tritaxeurobox.co.uk
1. Euro denominated returns, by reference to IPO issue price.
These are targets only and not profit forecasts. There can be no
assurances that these targets will be met and they should not be
taken as indications of the Company's expected or actual future
results.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
ACQPGUUWBUPBGRW
(END) Dow Jones Newswires
September 24, 2019 02:00 ET (06:00 GMT)
Grafico Azioni Tritax Eurobox (LSE:BOXE)
Storico
Da Feb 2024 a Mar 2024
Grafico Azioni Tritax Eurobox (LSE:BOXE)
Storico
Da Mar 2023 a Mar 2024